Challe, Edouard; Ragot, Xavier - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 4, pp. 627-648
The joint behaviour of US aggregate consumption and saving over the period 20072009, and notably the pronouned U-shaped pattern of consumption together with the rise in saving, are difficult to reconcile with the view that financial markets are frictionless. We propose an alternative framework...
